Dublin, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The "Oxygen Scavengers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Oxygen Scavengers Market to Reach $2.5 Billion by 2026
Amid the COVID-19 crisis, the global market for Oxygen Scavengers estimated at US$2 Billion in the year 2022, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 4.4% over the analysis period.
An ever growing demand for advanced food packaging will be the major driver of growth in the global market. As healthy snacks become more popular in the developed countries and the leading FMCG multinationals adopt eco-friendly and recyclable packaging materials, oxygen scavenger requirement will spiral in future.
Moreover, new methods of producing oxygen scavengers such as the utilization of aerobic microorganisms as active compounds, particularly for foods packaging, is yet another notable factor. The market will also be driven due to customers wanting more and more premium and fresh packaged foods in the foreseeable future.
Other factors driving the oxygen scavengers market growth includes the increased demand pertaining to high quality packaged food; wherein demand for packaged food and consequently advanced packaging is increasing due to changing lifestyle and increased disposable income of the middle class people in developing countries.
Demand is likely to decline in the aftermath of the Covid-19 crisis, particularly from the chemicals, and oil and gas end-use sectors. However, the decline is expected to be offset by growth in food and beverage, and pharmaceuticals end-use industries.
Metallic, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach US$1.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Metallic segment is readjusted to a revised 5% CAGR for the next 7-year period.
This segment currently accounts for a 37% share of the global Oxygen Scavengers market. The industry is currently dominated by oxygen scavengers of the metallic type, as they extend product shelf-life more as against their non-metallic counterparts. The metallic oxygen scavengers exhibit superior features, especially in preventing rancidity, color change, mold growth, spoilage, and depletion of product quality and nutritive values.
Metallic scavengers are finding extensive application in water treatment. They are available at an affordable cost in comparison to the non-metallic oxygen scavengers. The growth in Non-Metallic segment is linked to improved scavenger usage in foods where metals present a challenge. Such non-metallic oxygen scavengers include lime, ascorbic acid, oxidase oxygen, activated charcoal, and hydrazine.
The U.S. Market is Estimated at $582.5 Million in 2022, While China is Forecast to Reach $353.5 Million by 2026
The Oxygen Scavengers market in the U.S. is estimated at US$582.5 Million in the year 2022. The country currently accounts for a 28.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$353.5 Million in the year 2026 trailing a CAGR of 6.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$374.9 Million by the end of the analysis period.
The US market dominates growth in the North America region due to a growing requirement for high-quality packaged foods being developed through perpetually ongoing research and development to preserve food freshness. Demand in the European market is being driven by burgeoning pharmaceuticals packaging sector.
Moreover, the busy lifestyles of Europeans and their growing disposable incomes are making people opt more for packed foods instead of traditional home-cooked meals. A major reason behind the Asia Pacific market growing is the growing number of end-user industries in the region.
Furthermore, burgeoning population, growing GDP, as also the presence of numerous major manufacturers open up huge opportunities to enhance foods and beverages production in the region.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- A Prelude to Oxygen Scavengers
- Benefits of Oxygen Scavengers
- Oxygen Scavenging Chemicals
- Variants of Oxygen Scavenger Agents
- Metallic Scavengers
- Polymer-based Scavengers
- Organic Scavengers
- Global Oxygen Scavenger Market: Current & Future Prospects
- Metallic Oxygen Scavengers Dominate, Non-Metallic to Witness Fastest Growth
- Food & Beverage Industry Leads the Global Oxygen Scavengers Market
- Developed Regions Dominate, Asia-Pacific to Register Fastest Growth
- Competition
2. FOCUS ON SELECT PLAYERS(Total 46 Featured)
- Accepta Ltd.
- Angus Chemical Company
- Arkema S.A.
- BASF SE
- Chemfax Products Ltd.
- Clariant International Ltd.
- Eastman Chemical Company
- Ecolab Inc.
- Guardian Chemicals Inc.
- Henkel AG & Co. KGaA
- Hydrite Chemical Co.
- Mitsubishi Gas Chemical Company Inc.
- Multisorb Technologies, Inc.
- RoEmex Limited
- Solenis LLC
- SUEZ Water Technologies & Solutions
- TETRA Technologies, Inc.
- Thermax Ltd.
3. MARKET TRENDS & DRIVERS
- Increase in Adoption of Oxygen Scavenging Films for Food Packaging
- Food Safety Emerges as a Major Concern for Public Health Systems
- Increasing Risk of Food Fraud to Drive the Demand for Oxygen Scavengers in Food & Beverage Sector
- At-home Consumption Products Find Favor
- Increasing Focus on Safe and High-Quality Foods Propels Oxygen Scavengers Demand
- Increasing Consumption of Meat and Dairy Products to Augment Demand for Oxygen Scavengers
- Technological Advances in Barrier & Oxygen-Scavenging
- Increasing Demand for Aseptic Packaging Solutions Augurs Well for Oxygen Scavengers Market
- Recent Key Developments in Oxygen Scavenger Films
- Use of Nanomaterials in Food Packaging as Nanoactive Oxygen Absorbing Films
- Eco-friendly Oxygen Absorbing Films
- Use of Oxygen Scavenging Films for Food Packaging: Future Scope and Research Areas
- Strong Rise in Pharmaceutical Sales to Drive Demand for Oxygen Scavengers in Pharmaceutical Sector
- Rapid Growth of Generic Drugs Augurs Well for Oxygen Scavengers Market
- Demand for Oxygen Scavengers in Oil & Gas Industry to Witness Steady Increase in the Long Term
- Select Product Developments
- Clariant Unveils CESA ProTect
- PolyOne Offers ColorMatrix Amosorb 4020G Oxygen Scavenger
- Increasing Burden of Chronic Disease to Drive the Demand for Caps and Closures for Pharmaceuticals
- Urbanization Trend
- Burgeoning Middle Class Population
- Changing Lifestyles & Demographic Structure
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/9hk38y
